Wall Street turns bearish on stocks after a bad year

Wall Street turns bearish on stocks after a bad year

A sign on Wall Street in front of the New York Stock Exchange (NYSE) in New York, US, on Wednesday, November 9, 2022. US stocks fell after midterm elections that failed to produce a Republican victory. Treasuries and the dollar received bids in a sign of deteriorating risk sentiment. Photographer: Michael Nagle/Bloomberg

The yuan is the new dollar as Russia rides to the redback

The yuan is the new dollar as Russia rides to the redback

Russia turns to Chinese currency amid sanctions Moscow becomes No. 4 offshore yuan trading center Yuan’s share of Russian FX market jumps from 1% to 45% Russian central bank supports trend but warns of risks This content was produced in Russia, where the law restricts coverage of Russian military operations in Ukraine MOSCOW/SHANGHAI, Nov 29 … Read more

The Polish Allegro books a write-off of 2.3 billion zloty on Mall Group and WE|DO

The Polish Allegro books a write-off of 2.3 billion zloty on Mall Group and WE|DO

GDANSK, Nov 28 (Reuters) – Polish e-commerce company Allegro (ALEP.WA) has posted a 2.29 billion zloty ($511.8 million) impairment on the value of Czech online retailer Mall Group and logistics company WE|DO, who bought it last year. The non-monetary impairment will lower Allegro’s net profit in the third quarter, but will not affect operational stability … Read more

Mapping the global economy: OECD raises inflation forecast

Mapping the global economy: OECD raises inflation forecast

(Bloomberg) — Central banks around the world must be steadfast in their inflation battle even as economies will suffer, the OECD said this week. The organization raised its inflation estimates for 2023 and said it expects price increases to remain above targets set by many global central banks next year. While economies will slow due … Read more

Reality puts an end to some Qatari dreams of World Cup rental bonanza

Reality puts an end to some Qatari dreams of World Cup rental bonanza

Agency says Qatar hotel group demanded new payments Some rates have been reduced, but many properties are vacant Broker says some landlords were seeking unrealistic rents DOHA, Nov 25 (Reuters) – Qatar has faced an unexpected oversupply of rooms in the busy group stage of the World Cup, with online portals showing rooms in at … Read more

Activists exacerbate art insurers’ climate headaches

Activists exacerbate art insurers’ climate headaches

Concern that other groups could join attacks Some insurers only cover working behind glass Inflation will also lead to higher premiums The risk of flooding and fire damage creates even more pressure LONDON, Nov 25 (Reuters) – Climate activists’ attacks on some of the world’s most precious paintings have exacerbated insurers’ concerns about the threat … Read more

Analysis: Out of fashion: Gucci faces the huge task of replacing top designer

Analysis: Out of fashion: Gucci faces the huge task of replacing top designer

PARIS, Nov. 25 (Reuters) – The abrupt departure from Gucci of Alessandro Michele, the flamboyant designer who was a favorite of Harry Styles and Lady Gaga, is heightening the pressure on owner Kering (PRTP.PA) as it faces slowing sales growth at the Italian fashion house. The news of the creative director’s departure after seven years … Read more

Adidas launches investigation into allegations of misconduct against Kanye West

Adidas launches investigation into allegations of misconduct against Kanye West

Nov 24 (Reuters) – Adidas AG (ADSGn.DE) said on Thursday it has launched an investigation into allegations of inappropriate behavior by Kanye West after the German sporting goods manufacturer ended its partnership with the rapper and fashion designer last month. Adidas said it initiated the investigation after receiving an anonymous letter containing several allegations against … Read more

Younger Chinese reject factory jobs that drive the economy

Younger Chinese reject factory jobs that drive the economy

SHENZHEN, Nov 21 (Reuters) – Growing up in a Chinese village, Julian Zhu saw his father only a few times a year when he returned for vacation from his exhausting job at a textile factory in southern Guangdong province. For his father’s generation, factory work was a lifeline out of rural poverty. For Zhu, and … Read more